New York, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Trade Promotion Management Software Market: Key Insights
According to our new research study on “Trade Promotion Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment Type, Application, End-user, and Geography,” the Trade Promotion Management Software Market is projected to reach US$ 2,157.3 million by 2028 from US$ 970.8 million in 2020; it is expected to grow at a CAGR of 10.9% during 2021–2028.
Trade promotion management software Market: Competitive Landscape and Key Developments
Aera Technology; Accenture; Cornerstone; Deloitte; Exceedra by TELUS; o9 Solutions, Inc.; Oracle Corporation; Palantir Technologies; SAP SE; and UpClear are among the key players profiled in this market study. In addition to these, several other major market players were studied and analyzed to get a holistic view of the global trade promotion management software market and its ecosystem.
In 2021, Oracle Corporation announced the general availability of oracle cloud infrastructure operations insights.
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Trade promotion, which indicates marketing campaigns for retailers/wholesalers, acts as a marketing tool and, therefore, is a part of revenue management process of any company. The use of best-in-class trade promotions strategies by consumer goods companies have a potential to produce five-times better results than the conventional promotion methods. These companies invest ~20–23% of their top-line revenue in trade promotions annually, thus creating a need to evaluate whether the trade spent meets an objective of maximizing return on investment. The consumer-packaged goods companies have increased their spending on trade promotion to handle the diminishing customer loyalty and promote private labels growth. These factors propel the demand for efficient trade promotion strategies, which boosts the development of software for managing trade promotions. Consumer goods manufacturers received trade investment requests from their retail partners to drive both revenues and margin surge.
In 2020, North America held the largest share of the trade promotion management software market. The region has largest consumer goods sector, which allows the companies from this sector to use advanced technologies and software to maximize return-on-investment (ROI) and profit margins.
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Different user categories, based on age group, play a huge role in impacting the growth of retail, consumer goods, IT, and healthcare industries. Owing to the fact that, generation X and millennial generation holds around 40–42% of the population in the US, the retailers and consumer goods manufacturers are offering them more product choices at lesser prices. Further, the leading and well-established companies are working on new promotional activities to retain customers from these generations. Loyalty programs, discounts, and traditional and social ads are a few of the techniques adopted by companies to maintain their customer base. As a result, the consumer goods industry and other industries need to spend on trade promotion tools to meet their performance goals, which results in high demand for software to keep these tools running efficiently.
Trade promotion management software market: Application Overview
Based on application, the trade promotion management software market is segmented into small and medium-size enterprises, and large enterprises. The large enterprises segment held a larger market share in 2020 as large enterprises have their clients across various regions; and they account for high market shares, technical capabilities, and effective business strategies. These enterprises are known to invest in innovative and latest technologies to operate their business effectively. They are adopting various analytical tools, such as trade promotion management software, to streamline their business operations. With the growing capabilities of trade promotion management software tools across various industries, adoption of these tools has gained traction over the past few years.
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